GOLD DAILY ANALYSIS, $1950-$1970 is likely to be the new support

7 Mac 2022

First, let us cover some historical points in gold's near past. Approximately near the 15th of February, we broke through the bearish upper trend line. Since then, bulls have managed to drive gold's price to the roofs. Specifically, the 24th of February was the highest point. That day we got an immediate answer as the price got rejected. 4th of March, we are in the same resistance area we were ten days earlier, only this time daily candle did close in the resistance area. With Russian-Ukrainian tension still building up and gold as one of the most valuable commodities at these times, we see this as an opportunity for yet even higher high. The next area of resistance would be around $2000. In that case, the chances are that this zone ($1950-$1970) is likely to be the new support zone. If the tension between Russia and Ukraine quiets down, then higher probabilities are that we will make a higher low.

Use this information at your own risk. This analysis is to point out the high probability key points. For day traders, it is crucial to know the bigger picture. Have fun trading!